I felt at that time that it was perhaps a little too early to do this. The Cabinet Secretary may take necessary steps. There was some bureaucratic resistance but PNH would have none of it:. Dr IG Patel is 47 years old. Every self-respecting Government sends its high officers to UN Agencies on secondment and not for permanent absorption Hazari had shot into fame in the late s as the author of a deeply researched study on the functioning of the industrial licensing system in actual practice.
Hazari was young by RBI standards but commanded great respect. He would go on to spend six years at the RBI. Haksar fought quite a battle with the bureaucracy and succeeded in establishing a Department of Banking in the Ministry of Finance to take forward the objectives of bank nationalisation.
Ghosh himself was a key part of it and he recalled to me:. While he [PNH] took it upon himself to see that the department of banking, the new entity established after nationalisation, is manned by competent individuals, he never interfered with its functioning. I would also assert that in no decision on central banking, commercial banking and allied matters he had brought to bear any personal influence.
Ghosh also remembers that some four years after bank nationalisation, he and Haksar were travelling by train to Calcutta and he asked him whether he believed the decision taken in July with such great speed and secrecy was the right one.
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Bank Ltd. Select State. Select City. Select Branch. As a result of liberalization of banking policies, a lot of private banks also came into effect. The need to nationalize banks was felt due to many reasons as they were a huge help to the big businesses and massive industries functioning in the country. Then in addition to that, the agriculture sector which is the most important contributor to economy, then the exports sector, the small scale industries also needed financial guidance in order to pace up.
All these factors were considered before nationalizing. Regional rural banks also came into effect mainly focusing on the betterment of the rural areas. Their aim was to serve the large masses. As discussed earlier that the liberalization in the policies have led to more private banks coming to effect, the public banks and their dominance have shifted. But with the emergence of Nationalization, the monopoly has come to an end. There has also been a reduction in the regional imbalance by setting up banks in the rural areas or so.
The surplus profit can also be utilized and there has been protection of public interest. The working conditions have also improved and hence, the overall experience of the Nationalization has been quite beneficial for India and its economy. Shalu Shravan Singh, currently a final year law student, and quite enamoured of writing. Process of Bank Nationalization It could be expressed as a process whereby the National government or the state becomes empowered to take over the private industry, organization or even the assets into their ownership i.
History of Nationalization The history of Nationalization can be traced back in the which is also known as the pre-independence period. What was the Need to Nationalize? Conclusion As discussed earlier that the liberalization in the policies have led to more private banks coming to effect, the public banks and their dominance have shifted.
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